Kashkari: Markets 'fragile' But Improving

October 23, 2008 / 12:15 PM
/ The Politico

In his first formal congressional appearance since being tapped as bailout czar, Neel Kashkari said the government has made “tremendous progress” in implementing the $700 billion program but cautioned that the country’s financial markets remain “fragile.”

Despite a jittery stock market over the last several weeks, Kashkari said there have been: "numerous signs of improvement in our markets and in the confidence in our financial institutions."

Appearing before the Senate Banking Committee Thursday, Kashkari said the markets have responded positively to the government’s decision to inject capital into banks. However, he said that the real work of the program “is only beginning.”